How We Are Invested

Onex has invested its capital in private equity, real estate and credit securities while maintaining a prudent amount of cash to fund future investment opportunities.

	Proprietary Capital
As at December 31, 2009	(US$ millions)		(CDN$ millions)
Private Equity
Onex Partners
Private Companies	$	1,3641	$	1,4341
Public Companies	4802		5042
ONCAP	1533		1613
Direct Investments
Private Companies	2514		3404
Public Companies	1682		1762
	2,416		2,615
Alternative Assets
Onex Real Estate Partners	695		735
Onex Credit Partners	882		932
	157		166
Cash and Near-Cash	9886		1,0386
	$	3,561	$	3,819

(1)	Based on the US$ fair value of the investments in Onex Partners financial statements and US$/CDN$ exchange rate of 1.0510.
(2)	Based on the December 31, 2009 market values and US$/CDN$ exchange rate of 1.0510. Excludes Onex' CDN$137 million investment in Onex Credit Partners' unleveraged senior secured loan strategy fund which is included with cash and near-cash items.
(3)	Based on the CDN$ mark-to-market carrying value of the investments in ONCAP’s financial statements and US$/CDN$ exchange rate of 1.0510.
(4)	Historical US$ and historical CDN$ cost amounts.
(5)	Based on carrying value of Onex Real Estate Partners' investments at December 31, 2009.
(6)	Includes approximately CDN$11 million of hedge fund investments and CDN$137 million invested in Onex Credit Partners' unleveraged senior secured loan fund.

Onex Corporation has no material debt. Its policy is to preserve a financially strong parent company that has funds available for new acquisitions and to support the growth of its businesses.